HONG KONG, May 28 (GCTL) - Minority shareholders of Alibaba.com on May 25 voted in favour of a proposal by its parent Alibaba Group Holding to take the Hong Kong-listed online trading unit private, the company said.
The vast majority of independent shareholders voting in person or by proxy backed the delisting, China’s top e-commerce player said in a statement. “Subject to the scheme becoming effective, Alibaba.com’s scheme shareholders will receive a cancellation price of HK$13.50 per share in cash,” Alibaba Group said.
The company suspended its shares from trading on May 25, at the previous closing price of HK$13.42 each. According to the proposal, Alibaba Group will buy the 27 per cent stake it does not already own in Alibaba.com, Agence France-Presse reported.
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